风电叶片用环氧树脂系列

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巴斯夫客户,比亚迪供应商,化工新材料龙头,上市!
DT新材料· 2025-09-29 16:03
Core Viewpoint - The article discusses the IPO of Daosheng Tianhe, a leading manufacturer of wind power resin materials, highlighting its financial details, production capacity, and market position in the renewable energy sector [2][4]. Company Overview - Daosheng Tianhe was established in 2015 and is headquartered in Shanghai, initially starting as an agent for imported wind turbine blade materials before transitioning to self-research and production [4]. - The company is recognized as a national high-tech enterprise and a "little giant" enterprise specializing in specific fields [4]. - It operates seven wholly-owned subsidiaries and three equity investees, focusing on high-performance thermosetting resin materials [4]. IPO Details - The company officially opened its IPO subscription on September 29, with an issue price of 5.98 yuan per share and a price-to-earnings ratio of 29.05 [2]. - The total fundraising amount is 70,570.20 million yuan, with 55,855.00 million yuan (80.5% of the total) allocated for a project to produce high-end adhesives and resin systems for new energy and power batteries [2][3]. Production Capacity - The project aims for an annual production capacity of 56,000 tons of high-end adhesives and 19,000 tons of high-performance composite resin systems, primarily used in wind power generation and new energy vehicles [2][3]. Market Position - Daosheng Tianhe is one of the largest producers of epoxy resin for wind turbine blades globally, with sales of 143,100 tons in 2024 [5]. - The company has ranked first in global sales of epoxy resin for wind turbine blades from 2022 to 2024 and second in domestic sales of structural adhesives [5]. Financial Performance - The company reported revenues of 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan for the years 2022 to 2024, with net profits of 110 million yuan, 155 million yuan, and 155 million yuan respectively [6]. - For the first half of 2025, the company achieved revenues of 1.785 billion yuan and a net profit of 86 million yuan, with projected net profits for the first three quarters of 2025 expected to be between 145 million yuan and 155 million yuan, representing a year-on-year growth of 48.21% to 58.43% [6][7].
A股申购 | 道生天合(601026.SH)开启申购 旗下一产品销量连续3年位居全球首位
智通财经网· 2025-09-28 23:26
智通财经APP获悉,9月29日,道生天合(601026.SH)开启申购,发行价格为5.98元/股,申购上限为2.75万股,市盈率29.05倍,属 于上交所,中信建投证券为其保荐人。 招股书显示,道生天合是一家致力于新材料的研发、生产和销售的国家级高新技术企业,报告期公司产品围绕环氧树脂、聚氨 酯、丙烯酸酯和有机硅等高性能热固性树脂材料,形成了风电叶片用材料、新型复合材料用树脂和新能源汽车及工业胶粘剂三 大系列产品,主要为风电、新能源汽车、储能、氢能等新能源领域,以及航空、油气开采、电力、模具制造等领域的国内外客 户提供系列化、差异化和精细化的新材料产品综合解决方案。 通过持续自主研发和技术创新,道生天合的风电叶片用环氧树脂产品已经基本实现了对主流风机叶型的全覆盖,2024 年公 司"风电叶片用环氧树脂系列"销量 14.31 万吨,公司"风电叶片用结构胶"销量 1.52 万吨;根据中国石油和化学工业联合会出具 的说明函,2022-2024 年公司"风电叶片用环氧树脂系列"销量位居全球首位。同时,公司"风电叶片用结构胶"销量位居国内第 2、全球第 3。 近年来,道生天合不断开发新产品,并致力于拓展产品的应用领域。 ...
道生天合9月29日启动申购
Zheng Quan Ri Bao Wang· 2025-09-24 13:15
Core Viewpoint - Daosheng Tianhe has officially initiated its IPO process, planning to conduct preliminary inquiries on September 24, 2025, and commence subscriptions on September 29, 2025 [1] Company Overview - Daosheng Tianhe is a national high-tech enterprise focused on the research, production, and sales of new materials, headquartered in the Shanghai Free Trade Zone [1] - The company's core products include high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylic, and organic silicon, which are applied in various industrial fields including wind power blades, new energy vehicles, energy storage, hydrogen energy, aviation, and electricity [1] Market Position - According to the China Petroleum and Chemical Industry Federation, Daosheng Tianhe's "epoxy resin series for wind power blades" has ranked first in global sales for three consecutive years from 2022 to 2024, while its "structural adhesive for wind power blades" ranks second domestically and third globally [1] - Daosheng Tianhe is the only Chinese company supplying both epoxy resin and structural adhesive to the international wind power giant Vestas Wind Technology Group, and maintains long-term cooperation with renowned companies such as Germany's Ender Company and China National Materials Technology [1] Financial Performance - Financial data shows that Daosheng Tianhe's operating revenues from 2022 to the first half of 2025 were 3.436 billion, 3.202 billion, 3.238 billion, and 1.785 billion respectively, with net profits of 108 million, 152 million, 155 million, and 85 million respectively [2] - The company expects its net profit attributable to shareholders for the period from January to September 2025 to be between 145 million and 155 million, representing a year-on-year growth of 48.21% to 58.43% [2]
半年狂揽17.85亿 国内这家头部新能源胶企即将IPO上市
Sou Hu Cai Jing· 2025-09-22 07:20
Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. is emerging as a key player in the global green energy transition, driven by its technological innovation, solid financial performance, and forward-looking strategic layout, as it initiates its IPO process on the Shanghai Stock Exchange [1] Financial Performance - The company forecasts a net profit of 145 million to 155 million yuan for the first nine months of 2025, with a year-on-year revenue growth of 22.32% to 27.03% and a net profit growth of 48.21% to 58.43% [2] - In the first half of 2025, the company reported a main revenue of 1.785 billion yuan, up 46.77% year-on-year, and a net profit attributable to shareholders of 86.32 million yuan, up 65.06% year-on-year [2] - The second quarter of 2025 saw a main revenue of 950 million yuan, a 32.9% increase year-on-year, and a net profit of 55.24 million yuan, a 48.62% increase year-on-year [2] IPO and Fundraising - The company plans to issue 131.88 million new shares and raise 694 million yuan, with funds directed towards a project for producing high-end adhesives and resin systems, as well as repaying bank loans [3] - This initiative aims to enhance the company's core competitiveness in high-growth sectors such as new energy vehicles and energy storage [3] Technological Strength - The company's core competitiveness stems from its deep technological foundation in high-performance thermosetting resin systems, covering epoxy resins, polyurethanes, acrylics, and organosilicon materials [4] - Daoshengtianhe is recognized as a "hidden champion" in the wind power blade material sector, with its epoxy resin series for wind turbine blades ranking first globally from 2022 to 2024 [4] Strategic Vision - The company's strategic layout aligns with China's "dual carbon" goals and the global green energy transition, focusing on high-growth areas such as new energy vehicles and energy storage [6] - The IPO fundraising projects are expected to add 37,000 tons of high-end adhesive and 19,000 tons of composite resin capacity, utilizing green manufacturing technologies [6] - The company aims to become a leading comprehensive new materials solution provider, expanding into sectors like photovoltaics, hydrogen storage, semiconductor packaging, 5G communications, and aerospace [6] Company Overview - Daoshengtianhe is a national high-tech enterprise dedicated to the R&D, production, and sales of new materials, primarily serving the wind power, new energy vehicles, energy storage, and hydrogen energy sectors [10]
剖析道生天合IPO投资价值:新材料龙头如何领航“双碳”时代
Zheng Quan Shi Bao Wang· 2025-09-22 05:55
Core Viewpoint - The company DaoSheng TianHe Materials Technology Co., Ltd. is positioned as a leading player in the high-growth sector of new materials, attracting significant investor interest due to its strong market position and clear growth trajectory amid the global green wave and the recovery of the A-share market [1] Group 1: Market Potential and Growth Drivers - DaoSheng TianHe operates in the "dual carbon" golden track, focusing on three core product lines: materials for wind turbine blades, new composite resin materials, and adhesives for electric vehicles and industrial applications, aligning with global energy transition and transportation electrification [2] - The global wind power industry is entering a new phase of rapid growth, with the Global Wind Energy Council (GWEC) predicting a compound annual growth rate of 9.4% for new wind power installations from 2024 to 2028, providing substantial market opportunities for upstream material suppliers [2] - The Chinese electric vehicle market is expected to reach a market share of 40.9% by 2024, driving strong demand for high-performance adhesives and lightweight composite materials [2] Group 2: Competitive Advantage and Market Position - DaoSheng TianHe has successfully broken the foreign monopoly in high-end wind power materials, becoming a leading domestic player and benefiting from the trend of domestic substitution [3] - The company's core product, the epoxy resin series for wind turbine blades, has ranked first in global sales for three consecutive years (2022-2024), while its structural adhesives rank second domestically and third globally [3] - DaoSheng TianHe is the only Chinese company supplying both epoxy resin and structural adhesives to the international wind turbine giant Vestas, indicating its product quality and technology have reached international standards [3] Group 3: Technological Strength and Product Portfolio - The company holds 69 valid patents, including 38 invention patents, and has participated in the formulation of national and industry standards, showcasing its technological strength [4] - DaoSheng TianHe has developed advanced polymer synthesis resin production technologies based on epoxy resin, polyurethane, acrylic, and organic silicon, enabling it to meet the application requirements of clients in wind power and electric vehicles [4] - The company's products are used in large wind turbine blades exceeding 147 meters and are widely applied in the "three electric" systems of major automotive manufacturers like BYD and Geely [4] Group 4: Financial Performance and Future Outlook - DaoSheng TianHe is entering an accelerated growth phase, with projected revenue growth of 22.32% to 27.03% and net profit growth of 48.21% to 58.43% in the first three quarters of 2025 [5] - The company is actively incubating new growth curves and plans to expand into photovoltaic, consumer electronics, semiconductors, and rail transportation sectors, indicating significant future growth potential [5] - The upcoming IPO is a critical step for the company to deepen its development in the electric vehicle and high-end composite materials sectors [5] Group 5: Investment Opportunity - DaoSheng TianHe represents a quality investment opportunity for investors looking to share in the benefits of China's green economic transition, characterized by its leading market position, technology-driven approach, and clear strategic direction [6]
解码道生天合:价值逻辑凸显,新材料龙头IPO启航在即
Sou Hu Cai Jing· 2025-09-22 01:25
Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. is positioned as a leading player in the new materials sector, focusing on the dual-carbon strategy and benefiting from the high-quality development of the Chinese economy [1] Group 1: Market Potential - The company is strategically aligned with the wind power and new energy vehicle industries, which are key national pillars, allowing it to capitalize on significant market growth [2] - China is a leader in the global wind power market, with plans to add over 50 GW of new installations annually during the 14th Five-Year Plan, ensuring a steady demand for high-performance materials [2] - The new energy vehicle market is experiencing explosive growth, with a projected market share of 40.9% in 2024, driving demand for high-performance adhesives and composite materials [2] Group 2: Competitive Advantage - Daoshengtianhe has successfully broken the foreign monopoly in high-end wind power materials, establishing itself as a pioneer in domestic substitution and global expansion [3] - The company has entered the supply chains of major domestic players such as BYD and Geely, and is the only Chinese company supplying epoxy resin and structural adhesives to international wind turbine giant Vestas [3] - Its core product, the epoxy resin series for wind turbine blades, has ranked first in global sales for three consecutive years (2022-2024), indicating strong market leadership [3] Group 3: R&D and Innovation - The company boasts a robust R&D capability with a diverse product range, including epoxy resins, polyurethanes, and organic silicon materials [4] - As of June 2025, Daoshengtianhe holds 69 valid patents, including 38 invention patents, and has applied for 14 PCT international patents, demonstrating its commitment to innovation [4] - The company has established a strong technical moat by providing differentiated and precise new material solutions across various high-end sectors, including energy storage and aerospace [4] Group 4: Financial Performance - From 2022 to 2024, the company's net profit attributable to shareholders has increased from 110 million yuan to 155 million yuan, showcasing solid growth resilience [5] - The upcoming IPO will fund the addition of 37,000 tons of high-end adhesives for power batteries and 19,000 tons of high-performance composite resin capacity, targeting core demands in the new energy vehicle sector [5] - The company's future strategy includes expansion into photovoltaic, consumer electronics, semiconductors, and rail transportation, further enhancing its growth potential [5]
新材料企业道生天合启动招股
Zhong Zheng Wang· 2025-09-19 04:53
中证报中证网讯(王珞)作为中国新材料行业的领军企业,道生天合材料科技(上海)股份有限公司(下 称"道生天合"或"公司")以其卓越的技术创新、稳健的财务表现和前瞻性的战略布局,正成为全球绿色 能源转型中的重要推动力量。近日,道生天合披露招股意向书,正式启动登陆沪市主板的招股程序。 公司在高性能材料领域的技术积淀深厚。截至2025年6月,公司累计拥有69项有效专利(其中38项为发明 专利),并在申请PCT国际专利14项,并深度参与起草了《塑料环氧树脂试验方法》等国家标准及多项 新能源材料行业标准。依托国家CNAS认证实验室的专业能力,其产品技术体系已通过IATF16949汽车 体系和AS9100D航空体系认证,构建了跨行业的品质保障能力,为绿色能源产业链的技术迭代提供了关 键支撑。 战略前瞻:赋能全球绿色能源转型 道生天合的战略布局高度契合中国"双碳"目标和全球绿色能源转型的大趋势。此次IPO募投项目正是其 战略雄心的体现,项目聚焦新能源汽车、储能、轨道交通等高增长领域,建成后将新增3.7万吨高端胶 粘剂和1.9万吨复合材料树脂产能。项目将采用自动化称量、智能灌装等绿色制造技术,在提升生产效 率的同时,也满足了高 ...
道生天合IPO:风电龙头地位稳固,加速拓展新能源汽车领域未来可期
梧桐树下V· 2025-06-11 08:12
Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. is set to go public on June 13, aiming to raise 694 million yuan for projects related to high-end adhesives and composite materials for new energy and power batteries, as well as to repay bank loans [1] Group 1: Company Overview - Established in 2015, Daoshengtianhe initially focused on importing wind turbine blade materials but has since transitioned to self-research and development, specializing in high-performance thermosetting resin materials [2] - The company has achieved a 99.96% self-produced product ratio, with its core wind power products covering key raw materials for blade manufacturing, which account for over 56% of the wind turbine blade cost [2][3] - Daoshengtianhe has become one of the largest producers of epoxy resin for wind turbine blades globally, with its products recognized for quality and performance [3] Group 2: Financial Performance - The company reported revenues of 3.436 billion yuan in 2022, 3.202 billion yuan in 2023, and 3.238 billion yuan in 2024, with a notable increase in revenue from the new energy vehicle and industrial adhesive business, growing from 58.63 million yuan in 2022 to 200.22 million yuan in 2024 [4] - The gross profit margin improved from 10.77% in 2022 to 11.58% in 2024, indicating enhanced profitability, with net profits of 108 million yuan, 152 million yuan, and 155 million yuan during the same period [4] Group 3: Customer and Market Strategy - Daoshengtianhe has established strong partnerships with leading companies in the wind power sector, including major turbine manufacturers, ensuring a diversified customer base [5][6] - The company is expanding its market presence internationally, having achieved supplier certification with major global wind turbine manufacturers and actively pursuing opportunities in the Indian market [7] Group 4: Industry Trends and Policy Support - The Chinese wind power industry is experiencing rapid growth, with new installed capacity reaching 79.82 GW in 2024, representing 65.66% of global additions, supported by favorable green finance policies [8] - The government's long-term support for renewable energy development provides a solid foundation for the industry, with clear targets set for future wind power capacity [8] Group 5: Technological Advancements - Daoshengtianhe is focused on overcoming technological bottlenecks in high-performance polymer materials, particularly in carbon fiber applications, which are critical for the wind power and aerospace sectors [10] - The company has made significant progress in producing high-performance pultrusion resins for carbon fiber, supporting the trend towards larger wind turbines and achieving aviation-grade certification for its carbon fiber prepreg products [10]
披露二轮回复,道生天合IPO要闯“三重门”
3 6 Ke· 2025-05-30 02:14
Core Viewpoint - The company, Dao Sheng Tian He, is facing significant challenges in its IPO journey due to concerns over profitability, governance, and research and development capabilities, despite holding a leading position in the wind power blade epoxy resin market globally [1][9]. Financial Performance - The company's revenue from 2022 to 2024 shows fluctuations, with figures of 3.436 billion, 3.202 billion, and 3.238 billion yuan respectively, while net profits were 108 million, 152 million, and 155 million yuan [2][3]. - The operating income for 2024 is projected at 3.238 billion yuan, with a net profit of 155 million yuan, indicating a stagnation in profit growth despite revenue increases [3][9]. - The company has a high dependency on government subsidies, which accounted for 5.74%, 11.95%, and 11.75% of total profits from 2022 to 2024, raising concerns about the sustainability of its profitability [4]. Customer and Supplier Concentration - Dao Sheng Tian He has a high customer concentration, with the top five customers accounting for 68.19% to 72% of sales from 2022 to 2024, which poses risks to long-term stability [10][11]. - The company also relies heavily on a few suppliers, with the top five suppliers making up 50.61% to 69.60% of total procurement, indicating a lack of bargaining power [10][12]. Research and Development - The company's R&D expenditures from 2022 to 2024 were 94.07 million, 102 million, and 87.69 million yuan, with R&D as a percentage of revenue decreasing from 3.18% to 2.71%, suggesting insufficient investment in innovation [8][9]. Governance and Compliance Issues - Dao Sheng Tian He has faced internal governance challenges, including disputes over shareholding and compliance with disclosure regulations, which could hinder its IPO process [17][21]. - The company has been involved in litigation related to its operations, which raises concerns about its operational stability and transparency [18][19]. Market Position and Future Outlook - Despite its current challenges, the company is positioned to benefit from the government's focus on green and low-carbon development initiatives, which could provide new opportunities for growth in the renewable energy sector [22].